Within the known prior art, many attempts have been made to provide a device which may be used for magnetizing or demagnetizing ferrous members, such as screwdrivers, or the like. However, each have inherent disadvantages which the present invention addresses and overcomes in a manner heretofore not taught. For example, U.S. Pat. No. 5,055,813 entitled "MAGNETIZATION/DEMAGNETIZATION DEVICE", teaches a portable device which may be used for tools, etc. But this device is very limited, as it provides a single opening which will only accept a standard, or smaller sized screwdriver, and therefore is not functional for other types of tools.
Other examples include U.S. Pat. No. 3,467,926, entitled "COMBINED MAGNETIZER AND DEMAGNETIZER" and U.S. Pat. No. 3,662,303 entitled "INSTANT MAGNETIZER AND DEMAGNETIZER", which again are only functional for a standard, or smaller sized screwdrivers.
Each of the above devices are functional for use with screwdrivers and are advantageous because they are portable and compact. Unfortunately they are not electric, and are therefore very weak, thus a user must repeatedly engage the magnetizing or demagnetizing process every few days. This is both time consuming and most irritating for the user and further interferes with productivity, which can be costly.
Other types of demagnetizing devices include U.S. Pat. No. 4,158,873 entitled "DEMAGNETIZING METHODS AND APPARATUS" and U.S. Pat. No. 4,829,397 entitled "APPARATUS FOR DEMAGNETIZING PARTS". These two references are strictly used for demagnetizing, they are much too complicated and include parts which the present invention eliminates. Also these devices will not allow a user to insert an object which is to be demagnetized into and throughout the receptacle of the device.